Gift Received by Minor
This query is : Resolved
21 May 2011
A Minor say X has received Rs.40,000 as cash gift. His Father MR.Y has recived Rs.30,000 as Cash Gift.
U/s.56(vii) - If Cash Gift exceeds Rs.50,000 whole of such gift is taxable.
My Query is since the income to minor x is clubbed with income of the Father Mr.Y u/s.64(1A), Whether
1. Both X and Y are eligible for limit of Rs.50,000, thus the above gift are not taxable.
2. There would be no seperate limits for X and Y and whole amount of Rs.70,000 would be taxable in the hands of Mr.Y
U/s.56(vii) - If Cash Gift exceeds Rs.50,000 whole of such gift is taxable.
My Query is since the income to minor x is clubbed with income of the Father Mr.Y u/s.64(1A), Whether
1. Both X and Y are eligible for limit of Rs.50,000, thus the above gift are not taxable.
2. There would be no seperate limits for X and Y and whole amount of Rs.70,000 would be taxable in the hands of Mr.Y
21 May 2011
As per section of the Income Tax any gift given by any person to another without adequate consideration is clubbed with the income of the person giving the gift.
21 May 2011
1. Both x and y are eligible for the limit of Rs.50,000/-.
2. No need of an answer in view of the above observation.
2. No need of an answer in view of the above observation.
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